GitLab (GTLB) To Report Earnings Tomorrow: Here Is What To Expect

Kayode Omotosho /
2022/09/05 5:20 am EDT

Software development tools maker GitLab (NASDAQ:GTLB) will be reporting earnings tomorrow after the bell. Here's what to expect.

Last quarter GitLab reported revenues of $87.4 million, up 61.7% year on year, beating analyst revenue expectations by 11.8%. It was a very strong quarter for the company, with an impressive beat of analyst estimates and an exceptional revenue growth.

Is GitLab buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting GitLab's revenue to grow 62.4% year on year to $94.4 million, in line with the 69.1% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.23 per share.

GitLab Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time since going public on average by 11.8%.

Looking at GitLab's peers in the software development segment, some of them have already reported Q2 earnings results, giving us a hint of what we can expect. JFrog delivered top-line growth of 39.3% year on year, beating analyst estimates by 3.49% and Agora reported revenue decline of 3.19% year on year, exceeding estimates by 1.95%. JFrog traded up 0.82% on the results, Agora was down 2%. Read our full analysis of JFrog's results here and Agora's results here.

Tech stocks have been under pressure since the end of last year and while some of the software development stocks have fared somewhat better, they have not been spared, with share price declining 14.3% over the last month. GitLab is down 26.7% during the same time, and is heading into the earnings with analyst price target of $72.7, compared to share price of $48.8.

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The author has no position in any of the stocks mentioned.